124 / 220
MARKET CHARACTERISTICS
OFFICES
Brussels
A key feature of the Brussels office market is the large presence of gov-
ernment institutions, both Belgian and European. This market breaks down
into three districts, each of which with its own distinct characteristics:
Central Business District
(CBD)
This district, composed of four subdistricts, Brussels Centre, the Leopold
District, Brussels North and the Louise District, constitutes the epicenter
of the city.
The Centre is the area formed by the Pentagon of Brussels, the historic
heart of the city, in which buildings such as the Royal Palace and the
Federal Parliament are located. Offices in this area are traditionally occu-
pied by Belgian public authorities and large Belgian companies.
The Leopold District is the European heart of the city. It is centered on
the Schuman roundabout, the rue Belliard/Belliardstraat and the rue de la
Loi/Wetstraat, and accommodates all the European institutions as well as
numerous delegations, representations and associations working closely
with them. A network of tunnels provides fast access to the national air-
port (20 minutes). The Brussels-Luxemburg railway station serves this
district and the many restaurants and bars in the neighboring Place du
Luxembourg/Luxemburgplein lend it its characteristic dynamism.
The North District, meanwhile, is a modern business quarter situated
close to the North Station. Its typically high-rise buildings are occupied
by Belgian and regional ministries, semi-public companies and large
corporates.
The Louise District, to the south of the Brussels inner ring road, is charac-
terised by a mix of prestige properties, such as offices, hotels, shops, etc.,
all benefiting from the cachet radiated by the Avenue Louise/Louizalaan,
still one of the city’s most prestigious avenues. The offices are mainly
occupied by lawyers, embassies and medium-sized private firms (insur-
ance, financial operations, etc.). The Midi Station, which is the terminal for
high-speed trains now running from Brussels to Amsterdam (110 minutes),
Cologne (110 minutes), London (120 minutes) and Paris (80 minutes),
recently saw the opening of a new business hub under development.
Within the CBD, the take-up of office space is generally based on long-
term rental contracts (nine to 27 years). The caliber and stability of the
tenants means that this area enjoys the lowest vacancy rate, while rent
levels here are the highest in the capital. Nevertheless, in 2013, the low
take-up by the European and Belgian institutions and the departures and
reductions in areas occupied by certain large corporates, have prevented
this district from improving its occupancy rate.
Decentralised
This district encompasses the remaining territory of the 19 municipalities
of the Brussels Capital Region. It offers an excellent working environment
due to its residential setting and green space, easy access and the pres-
ence of multiple shopping facilities. The tenants in this area are generally
medium to large private companies, willing to conclude classic three-six-
nine-year leases.
RUEDELALOI
RUEBELLIARD
CHAUSSÉEDEWAVRE
AVENUEDETERVUREN
CHAUSSÉEDELOUVAIN
AVENUEDEVILVORDE
BOULEVARDLÉOPOLD III
AVENUEBRUGMANN
AVENUELOUISE
CHAUSSÉEDENINOVE
CHAUSSÉEDEGAND
PETITECEINTURE
NORTH
LOUISE
LÉOPOLD
CENTRE
Luxemburg
Station
North
Station
S
C
H
U
M
A
N
S
C
H
U
M
A
N
South
Station
1
2
14
BERCHEM-
SAINTE-AGATHE
GANSHOREN
ANDERLECHT
FOREST
UCCLE
WATERMAEL-BOITSFORT
JETTE
KOEKELBERG
SCHAERBEEK
WOLUWE-
SAINT-LAMBERT
ETTERBEEK
IXELLES
AUDERGHEM
WOLUWE-
SAINT-PIERRE
NATIONAL
AIRPORT
SAINT-GILLES
MOLENBEEK-
SAINT-JEAN
EVERE
SAINT-JOSSE-
TEN-NOODE
BRUSSELS
E40
LIÈGE/
LEUVEN
E411
LUXEMBURG
E19
ANTWERP
E40
GHENT/
OOSTENDE
1
1
4
7
6
6
3
6
Management Report /
Property Report
118
/